How are you adjusting in the real estate industry with lenders falling?
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As a Realtor it is hard to even trust that a deal will close now-a-days with the lenders going out of business and leaving buyers stuck out at closing. This has been a terrible experience for me.
Here in Houston mortgage brokers and loan officers are hurting and some are even given up. As a Realtor I have other options but rearranging my structure and client base will take me a minute to start building back up.
It would be interesting to know how others in the real estate industry are doing these days.
As the mortgage shakeout forces dozens of home lenders into bankruptcy, some are merely going into something like suspended animation -- shutting down temporarily and hoping to escape intact once the crisis has run its course.
Published 12:00 am PDT Sunday, August 26, 2007
The total volume of subprime loans nationally fell less than 4 percent in 2006, even as defaults and foreclosures were starting to spike, according to data compiled by Credit Suisse. Some big lenders never really did apply the brakes: New Century's loan volume was down a mere 1.3 percent through the end of February, or about two weeks before trading in the company's stock was suspended.
Published 12:00 am PDT Friday, August 24, 2007
Former branch manager Heather Fern-Luzzi, foreground, and Heidi Freiberg clean up as the Roseville office of First Magnus Financial Corp. shuts down. As lenders cut back because of a credit crunch and slack housing demand, 13,000 mortgage jobs disappeared nationwide in the past week.
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